By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher on Friday morning due to mixed support from comparable oils.
Support came from upticks in the Chicago soy complex, but Malaysian palm oil was lower and MATIF rapeseed was mixed. Crude oil stepped back, putting pressure on the vegetable oils.
Canola stocks as of Dec. 31 increased from the previous December, Statistics Canada reported on Friday. Combined on-farm and commercial stocks of canola came to 15.62 million tonnes compared to 13.23 million a year ago and well above the five-year average of 12.61 million.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange remained steady to higher following the release of Statistics Canada’s grain…
The March canola contract was holding above C$660 per tonne, which added support. It was now a little short of its 200-day moving average of C$667.
Forthcoming export sales to China underpinned canola, but the Canadian oilseed was limited by a record large harvest.
The Canadian dollar was higher on Friday morning, with the loonie rising to 73.41 U.S. cents compared to Thursday’s close of 73.12.
Approximately 18,650 contracts had traded by 8:45 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 664.70 up 1.70
May 675.20 up 1.40
Jul 682.00 up 0.80
Nov 672.80 up 0.60
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